Well that software was never defensible over the last 10 years.
It could always have been replicated for a 100k. That fact you could replicate for a 1k isn’t necessarily that different for a multi billion valuation surely?
So I’d say the premium is all network affect of people believing this is a trust worthy signing solutionnn
So distribution amped by network effect = defence
Nice
And very true
So interesting analysing these things
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